Risk, Compliance & Audit 2016 Salary Guide

Maria Konstantinou
February 9, 20164 mins read

We are excited to bring you the Morgan McKinley salary survey across Risk, Compliance and Audit for 2016. Below, we have highlighted some key trends and observations impacting recent recruitment.

RISK & COMPLIANCE | PERMANENT (PER ANNUM)

Role Analyst / Senior Analyst Manager Senior Manager Head
Operational Risk - Financial Services $70k - $90k $100k - $135k $130k - $180k $180k - $280k+
Risk & Compliance - Commerce & Industry $70k - $90k $100k - $135k $130k - $160k $170k - $230k+
Retail & Wealth Compliance $75k - $95k $115k - $160k $130k - $170k $180k - $240k+
Regulatory Change Compliance $80k - $95k $110k - $170k $140k - $210k $220k - $260k+
Investment Banking Operational Risk $90k - $110k $130k - $150k $160k - $190k $250k+
Investment Banking Compliance $90k - $110k $120k - $170k $160k - $190k $250k - $350k+
IT Risk $90k - $110k $135k - $160k $160k - $190k $200k+
Financial Crime $70k - $90k $110k - $150k $150k - $180k $200k - $250k+

RISK & COMPLIANCE | CONTRACT (PER DAY)

Role Analyst / Senior Analyst Manager Senior Manager Head
Compliance (General) $350 - $500 $550 - $700 $650 - $1000 $1,200+
Financial Crime $350 - $500 $600 - $700 $700 - $1000 $1,200+
Operational Risk $350 - $500 $500 - $650 $600 - $900 $1,200+
Regulatory Project $450 - $550 $600 - $700 $700 - $1000 $1,200+

AUDIT | PERMANENT (PER ANNUM)

ROLE Analyst / Senior Analyst Manager Senior Manager Head
Retail & Corporate Banking Internal Audit $80k - $90k $100k - $115k $125k - $160k $180k - $250k+
Investment Banking Internal Audit $80k - $100k $100k - $135k $130k - $180k $200k - $280k+
IT Internal Audit $75k - $90k $100k - $125k $135k - $175k $175k - $220k
Commerce & Industry Internal Audit $75k - $90k $100k - $120k $140k - $180k $140k - $200k+

AUDIT | CONTRACT (PER DAY)

ROLE Analyst / Senior Analyst Manager Senior Manager Head
Retail & Corporate Banking Internal Audit $400 - $500 $550 - $700 $650 - $1000 $1200+
Investment Banking Internal Audit $400 - $550 $600 - $700 $700 - $1000 $1200+
Commerce & Industry Internal Audit $400 - $500 $550 - $650 $650 - $800 $850+
  • The salary guide is based on basic salary exclusive of superannuation.

 

 

Commentary on Risk, Compliance & Audit Roles and Remuneration in 2016

We are finding there is currently a high demand for IT Audit candidates, but a lack of available professionals on the market. Large financial services companies are setting up dedicated data analytics teams or require more technical roles. Areas in particular demand include cyber security, cloud based technologies and cyber security candidates. This can often mean looking internationally for the right professionals. In Risk and Compliance, regulatory enforcement has led to an increase in hiring, particularly in areas such as due diligence and anti-money laundering (AML). Due to a talent shortage, professionals from non-traditional backgrounds have been considered. For example, individuals with project management lean six sigma, change management & transformation skills. Furthermore, those with behavioural psychology degrees or a background in organisational resilience, forensics, or engineering are particularly sought-after. 

IT Audit is relatively male dominated, as traditionally fewer women study STEM (science, technology, engineering and maths) related degrees at University. However by comparison there are more females at the executive management level. In Risk and Compliance, there is a generally a good gender balance up until head of department level. Businesses are striving for a better ratio but not much change is expected over the next 12 months.

International banks, in particular, are interested in Audit professionals from Asia, Europe, the U.S.A. and South Africa. Internationally sourced contractors typically come from the U.K., Ireland, the U.S.A. and New Zealand; often they are big 4 chartered accountants on 6 month contracts that companies are keen to convert into permanent headcount. In Compliance, international experience is less relevant because of local regulations and requirements, as such most hires are local. In Operational Risk, the skill set is more transferable and therefore professionals with U.K. experience in particular are sought-after.

Competition between companies is driving salary increases across the Audit space. Particular areas where this is prevalent are IT Audit roles and candidates with capital markets experience. For IT Audit roles, there is high demand for additional qualifications, such as Certified Information Systems Auditor (CISA). Salaries in Risk and Compliance are steady, except for areas such as Technology Risk and Financial Crime Compliance. Professionals with direct regulatory experience or relationships that can be brought into an organisation are in high demand, and therefore well paid. A lack of available professionals has seen salary expectations in Technology Risk and Financial Crime skyrocket. For example, someone earning an annual salary of $120k is now asking for $160k a year. 

Maria Konstantinou's picture
Business Manager | Risk & Compliance
mkonstantinou@morganmckinley.com

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